smash wrote: » It's pretty black and white. "A levy of up to 2 per cent on all non-life and health insurance polices is to be introduced to fund Quinn Insurance." - http://www.irishtimes.com/newspaper/breaking/2011/0913/breaking29.html So everyone is paying for Quinn insurance because Sean Quinn took a gamble that didn't pay off. Lets forget the 2.8b or the personal debt or anything like that for a minute. He took a gamble with his business, it failed, we're all paying for it.
hatrickpatrick wrote: » What is the justification for this, if any? Why not let him collapse and anyone who chose to gamble with him, it's their own tough luck that it didn't work out? Why does the free market only apply to ordinary people? Why should people like this get a bailout, but NOT homeowners being foreclosed upon? Do we live in a society of equals or don't we? If not, get me on the next plane out of here thanks.
Wertz wrote: » I think Quinn was a once great businessman that much like the rest of the country got greedy and relied on poor adivce, particularly in relation to his purchase of anglo share stake (I hoinestly believe he was conned here through an intricate plot to relieve him of some of his cash rich company) and is ultimately paying the price (well not really, given the familial transfers of wealth and property). His story reminds me of Aesop's fable of the dog with the bone, spying his reflection in the river to grab the other dog's bone and loosing his own. The whole thing surrounding the insurance group and subsequent bailout doesn't sit well with me though. But how many of you on here have run such a successful empire for as long? One sure thing, none of those populating the Dáil the past 20 yrs including the current crop have managed it... As for bankruptcy...anyone willingly declaring it here is a far bigger fool that Sean Quinn ever was...12 yrs? F*ck that...
Tipp Man wrote: » The vast majority of successful entreprenuers go out of business several times before it works out for them. Its about taking risks - sometimes those risks fail - sometimes they win. This clearly failed What i am not happy about is the means that these guys have for transferring their assets to family when the **** hits the fan. This breaks the risk reward relationship which is wrong imo. Although the risk reward relationship is broken throughout the irish economy it is just we are dealing with bigger numbers in this instance
Turnstyle wrote: » you do understand that the reason things imploded with Quinn was not just due to an unfortunate downturn in business etc Quinn fraudulently secured borrowings (for a gamble on Anglo stocks) on insurance reserves.... Putting all your eggs in one basket was not exactly a smart move either for a so called business genius...
DB10 wrote: » A local councillor told me last week, he heard Quinn will be standing in the next European election or general election, and word on the ground is he may even top the poll. He told me its possible that when this government falls, that Quinn, Gallagher and 2 SF tds could be elected in the constituency. Nearly was 2 SF Tds last time as well.
GetWithIt wrote: » Firstly, you can't be a TD if you're bankrupt so he was talking out of his hole. I'm not sure if the same rule applies to those declared bankrupt in another jurisdiction, or if it still stands once that person has finished the bankruptcy process, but I would imagine running for public office would be well down his list of priorities. And even if it was, his eligibility would be highly doubtful.
hatrickpatrick wrote: » I still don't understand why I as a taxpayer should have to help pay for this. I never had any involvement with Quinn and I never had any plans to either. This was a private company, its problems are its own problems. If people chose to take risks by investing it, that's their problem. Can someone explain why I, or anyone else who had absolutely zero involvement whatsoever with this company should pay a single cent towards saving it? Is it a case of the 1% strikes again? Croneyism? He's a friend of the political elite therefore he gets taken care of at everyone else's expense?
DB10 wrote: » Blame Fianna Gael and the ending Fianna Fail government. You voted for them, so you cant complain.
Tipp Man wrote: » I know that perfectly well thank you - which is why i clearly said that he was a good businessman until he got involved in the Anglo deal. No Anglo deal then no problem in insurance company then no problem in quinn group
Gophur wrote: » Who are Fianna Gael? If you mean Fine Gael, how are they responsible? (And why not include Labour, or the Greens?)
DB10 wrote: » Sorry I was mistaken there re Fianna Gael, the two parties are so similar it's hard to notice a difference. Fianna Gael have continued with this bailout of Anglo and, have introduced slave labour in the form of the job bridge scheme.
Turnstyle wrote: » good maybe.. but definitely not "great", i was never a fan of Quinn and how they done business, they rode young drivers sideways here for years and somehow got away with it. I suspect his involvement with the gang of lads started well before before that deal was struck up with Anglo
Gophur wrote: » Still cannot type "Fine", eh? I'd blame Labour for everything, if I was you!
Wertz wrote: » one big gamble based on dodgy advice (IMO) from a bunch like Seanie Fitz and the rest, was enough to rip it from his grasp. I'm as unhappy as anyone that his debts get passed onto us all, but that's not his fault alone...blame previous government and company laws and a whole crooked undercurrent in our fine little State.
Gophur wrote: » Sean Quinn took €400m out of the Quinn Group for his 5 children. That's €80m each. He could start by giving that money back. The beatification of SQ is nauseating. He is personally the cause of €2.8B of the debt the Irish taxpayer has to pay back, yet so many of the blind and stupid followers believe he is still whiter than white.
